Report Description

According to ConsTrack360, the electric vehicle market in the country are expected to grow by 23.5% on an annual basis to reach US$.4 billion in 2023.

The medium to long term growth story of the electric vehicle market in Mexico remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 21.5% during 2023-2027. The electric vehicle market in the country will increase from US$.4 billion in 2022 to reach US$.9 billion by 2027.

Investment in the electric vehicles industry landscape has grown significantly in H1 2023 in Mexico, and the trend is projected to further continue from the short to medium-term perspective. Several major firms, operating in the sector, like Tesla, have announced multi-billion-dollar investments towards the development of manufacturing facilities in the Latin American market.
The boost in domestic production capacity is expected to drive awareness and adoption of electric vehicles in Mexico over the next few quarters. Going forward, ConsTrack360 also expects the investment in EV-related sectors, including charging infrastructure and components, to also rise in Mexico. Overall, ConsTrack360 maintains a positive growth outlook for the market over the next three to four years.

Tesla plans to open the largest gigafactory in Mexico to expand its global output and market share

With Tesla seeking to further accelerate its growth in the global electric vehicles industry, which is poised for a significant growth trajectory over the next five years, the US-based firm chose Mexico to build the largest gigafactory globally. The development will involve a cost of nearly US$5 billion and will enable the firm to expand its output significantly over the next few years.

  • Notably, Tesla is not the only EV maker setting up a base in Mexico. Several other firms have announced significant investments in the Latin American country in 2023. Jetour, the Chinese automaker, for instance, announced that the firm will invest US$3 billion to set up an EV plant in Mexico. Alongside Jetour, BYD is another Chinese firm that is considering an investment in the

    Mexican market. Other global automakers, including Kia and Audi, are also planning to build an electric vehicle plant in the Latin American country.

    The presence of these global EV giants in the Mexican market will aid the competitive landscape in the electric vehicles industry, thereby supporting the growth of the broader market from the short to medium-term perspective.

    Mexico needs enhanced charging infrastructure to drive the electric vehicle penetration rate in the country

    Although the electric vehicle production capacity is poised to grow significantly in the Mexican market over the next five years, the investment in charging infrastructure will play a pivotal role in the adoption and consumption of EVs in Mexico. The unavailability of chargers in public places, including major roads and highways, acts as a significant barrier to EV adoption among those interested. Consequently, the government needs to take appropriate measures to boost the EV charging infrastructure.

    One of the ways to boost the availability of EV charging infrastructure is through tax incentives offerings. The Mexican government can reduce or eliminate VAT for a few years, enabling income tax deductions for companies and individuals that install charging infrastructure in Mexico. Alongside the government initiatives, the private sector also needs to invest in the expansion of charging infrastructure, to achieve sustainable growth in the Mexican electric vehicles industry from the long-term perspective.
  • Volvo Cars, in September 2023, entered into a strategic collaboration with Evergo to install 2,295 chargers in Mexico. By 2025, the two firms are expected to cooperate on approximately 3,000 EV charging stations in the country.
  • The CPO also entered into a similar strategic collaboration with BMW in Mexico. The firms are expected to launch 4,000 public charging points over the next five years in the country, which includes an investment of US$200 million.
    Going forward, ConsTrack360 expects more such strategic collaborations in the space, aiding the improvement of the EV charging infrastructure and supporting the broader industry growth from the short to medium-term perspective.

    Automakers are launching hybrid and all-electric options in the Mexican market amid growing competition

    With several new players entering the Mexican electric vehicles industry, automakers are planning to launch new hybrid and all-electric options to garner market share in the Mexican industry.
  • MG Motor, in April 2023, announced the launch of its plug-in hybrid SUV vehicle in Mexico. The firm, which initially entered the Mexican market in 2020, is eyeing to claim 5.5% of the market share in Mexico. By the end of 2023, MG Motor aims to launch two more models, including an all-electric and hybrid option. This will further strengthen the product line in the country while driving the competitive landscape in the fast-growing sector.



From the short to medium-term perspective, ConsTrack360 expects more such product launches in the Mexican market from global automakers, supporting the growth of the industry.

This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.

This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Electric vehicle further breaks down market opportunity by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in Mexico.

The electric vehicle charging infrastructure provides market size data by number of charging stations, and number of charging points. It breaks down market opportunity by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.

ConsTrack360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.


Scope

This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in Mexico through 97 tables and 119 charts. Below is a summary of key market segments:

Mexico Overall Vehicle Market Size and Future Growth Dynamics

  • Market size by value
  • Market size by volume


    Mexico Electric Vehicle Market Size and Forecast
  • Market size by value
  • Market size by volume

    Mexico Electric Vehicle Market Volume By Drive Segment
  • Front Wheel Drive
  • Rear Wheel Drive
  • All-Wheel Drive

    Mexico Electric Vehicle Market Value and Volume By Car Segment
  • Passenger Car
  • Commercial Vehicle

    Mexico Electric Vehicle Market Value and Volume By Passenger Car Segment
  • Small Car
  • Medium Car
  • Crossover Car
  • Large Car
  • SUV

    Mexico Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
  • Light Duty Vehicle (Class 1-Class 3)
  • Medium Duty Vehicle (Class 4-Class 6)
  • Heavy Duty Vehicle (Class 7-Class 8)

    Mexico Electric Vehicle Market Value By Vehicle Class
  • Low-Priced
  • Mid-Priced
  • Luxury Class

    Mexico Electric Vehicle Market Value By Powertrain
  • Parallel Hybrid
  • Series Hybrid
  • Combined Hybrid

    Mexico Electric Vehicle Market Value By Distance Range
  • Up to 150 Miles
  • 151-300 Miles
  • Above 300 Miles

    Mexico Electric Vehicle Market Value By Charging Type
  • Normal Charging
  • Super Charging

    Mexico Electric Vehicle Market Value By Propulsion Type
  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)
  • Fuel Cell Electric Vehicles (FCEVs)

    Mexico Electric Vehicle Market Value and Volume By Vehicle Type
  • Two Wheelers (e2W)
  • Three-Wheeler (e3W)
  • Four Wheelers (e4W)
  • Electric Buses

    Mexico Electric Vehicle Market Value By Cities
  • Tier 1 Cities
  • Tier 2 Cities
  • Tier 3 Cities

    Mexico Electric Vehicle Market Value By Components
  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier

    Mexico Electric Vehicle Infrastructure Market Value

    Mexico Electric Vehicle Infrastructure Market Volume
  • Number of Charging Points
  • Number of Charging Stations

    Mexico Electric Vehicle - Number of Charging Points By Charging Type
  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)

    Mexico Electric Vehicle - Number of Charging Stations By Charging Type
  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)

    Mexico Electric Vehicle - Number of Charging Points By Location
  • Residential and Destination
  • Streets
  • Workplaces
  • Flew depots

    Mexico Electric Vehicle - Number of Charging Points By Charging Speed
  • Slow
  • Fast
  • Rapid
  • Ultrarapid

    Mexico Electric Vehicle - Number of Charging Stations By Charging Speed
  • Slow
  • Fast
  • Rapid
  • Ultrarapid

    Mexico Electric Vehicle - Number of Charging Points By Vehicle
  • Passenger Cars
  • Buses
  • Trucks
  • Light Commercial Vehicles

    Mexico Electric Vehicle - Number of Charging Points By Connection Phase
  • Single Phase
  • Three Phase

    Mexico Electric Vehicle - Number of Charging Points By Infrastructure Type
  • CSS
  • CHAdeMO
  • GB/T
  • Other

    Mexico Electric Vehicle - Number of Charging Points By Connectivity
  • Smart Charging Station
  • Non-Connected Charging Station


    Reasons To Buy

    The report provides a comprehensive overview of the Mexico electric vehicle market and infrastructure, covering the following key aspects:
  • Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in Mexico, by value and volume. This data is essential for understanding the current and future potential of the market.
  • Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
  • EV infrastructure: This report also provides a comprehensive overview of the Mexico electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the Mexico electric vehicle infrastructure market.
  • Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Mexico electric vehicle and infrastructure market.